EXHIBIT 99.20
====================================================================================================
OFFICE OF THE UNITED STATES TRUSTEE
====================================================================================================
In re: Chapter 11 Trustee Operating Report
Performance Asset Management Fund III, Ltd.
James J. Joseph, Trustee
2029 Century Park East, 3rd Floor Report Number : 20 Page 1 of 3
Los Angeles, CA 90067
- -------------------------------------------
Chapter 11 Case No. SA 98-27101 RA For the period From : 08/01/00 to 08/31/00
====================================================================================================
1. Profit and Loss Statement
A. Related to Business Operations
Gross Sales / Rents 83,911.82
----------
Less : Sales Returns and Discounts 0.00
----------
Net Sales 83,911.82
----------
Less : Cost of Goods Sold
Collection Costs 0.00
----------
Commissions, Escrow Fees & Closing Costs 0.00
----------
Less : Ending Inventory at Cost 0.00
----------
Cost of Goods Sold 0.00
---------
Gross Profit 83,911.82
----------
Other Operating Revenues 0.00
----------
Less : Operating Expenses:
Officer Compensation 0.00
----------
Salaries and Wages - 0.00
----------
Total Salaries and Wages 0.00
---------
Employee Benefits and Pensions 0.00
---------
Payroll Taxes 0.00
----------
Real Estate Taxes 0.00
----------
Federal and State Income Taxes 0.00
----------
Total Taxes 0.00
---------
Rent and Lease Exp.(Real Property and Personal Property) 0.00
----------
Interest Expense (Mortgage, Loan, Etc.) 0.00
----------
Insurance 0.00
----------
Automobile Expenses 0.00
----------
Utilities (Gas, Electricity, Water, Telephone, Etc.) 0.00
----------
Depreciation and Amortization 0.00
----------
Repairs and Maintenance 0.00
----------
Advertising 0.00
----------
Supplies-Office Expenses, Photocopies, Etc. 0.00
----------
Bad Debts 0.00
----------
Miscellaneous Operating Expenses (See Attached) 150,775.96
----------
Total Operating Expenses 150,775.96
----------
Net Gain / Loss from Business Operations (66,864.14)
----------
B. Not Related to Business Operations
Income :
Interest Income 11,159.80
---------
Other Non-Operating Revenues (Specify) 0.00
---------
Gross Proceeds on Sale of Assets 0.00
----------
Less : Original Cost of Assets plus Expenses of Sale 0.00
----------
Net Gain / Loss on Sale of Assets 0.00
---------
Total Non-Operating Income 11,159.80
----------
Expenses Not Related to Business Operations:
Legal and Professional Fees/Costs (See Section 7 - Professional Fees) 0.00
---------
Other Non-Operating Expenses (U.S. Trustee Funds) 500.00
---------
Total Non-Operating Expenses 500.00
----------
NET INCOME / LOSS FOR PERIOD (56,204.34)
==========
================================================================================
OPERATING REPORT
================================================================================
================================================================================
CHAPTER 11 TRUSTEE OPERATING REPORT NO : 20 PAGE 2 OF 3
================================================================================
2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable) :
================= =========================
ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE
================= =========================
Current - 30 Days $ 0.00 $ 0.00
----------------- -------------------------
Overdue 31 - 60 Days $ 0.00 $ 0.00
----------------- -------------------------
Overdue 61 - 90 Days $ 0.00 $ 0.00
----------------- -------------------------
Overdue 91 - 120 Days $ 0.00 $ 0.00
----------------- -------------------------
Overdue Over 120 Days $ 0.00 $ 0.00
================= =========================
TOTAL $ 0.00 $ 0.00
================= =========================
Includes Pre-Petition A/R
3. Statement of Status of Payments to Secured Creditors and Lessors :
============================================================================
FREQUENCY POST-PETITION
OF PAYMENT PER AMOUNT NEXT PAYMENTS NOT MADE *
CREDITOR / CONTRACT / LEASE OF EACH PAYMENT
LESSOR (I.E., MO., QTR.) PAYMENT DUE NUMBER AMOUNT
========== ================= ======= ======= =================== ======
- ---------- ----------------- ------- ------- ------------------- ------
- ---------- ----------------- ------- ------- ------------------- ------
- ---------- ----------------- ------- ------- ------------------- ------
============================================================================
4. Tax Liability
Gross Payroll Expenses for Period : $0.00
----------------
Gross Sales for Period Subject to Sales Tax : $0.00
----------------
===========================================================
DATE PAID AMOUNT PAID * POST-PETITION TAXES STILL OWING
========= ============== ================================
Federal Payroll and Withholding Taxes $ 0.00
State Payroll and Withholding Taxes $ 0.00 $ 0.00
--------- -------------- --------------------------------
Real Property Taxes $ 0.00 $ 0.00
$ 0.00 $ 0.00
--------- -------------- --------------------------------
$ 0.00 $ 0.00
$ 0.00 $ 0.00
--------- -------------- --------------------------------
$ 0.00 $ 0.00
===========================================================
* Attach photocopies of depository receipts from taxing
authorities or Financial institutions to verify that
such deposits have been made.
5. Insurance Coverage
==============================================================
CARRIER / AGENT NAME AMOUNT OF POLICY PREMIUM PAID
COVERAGE EXPIRATION DATE THROUGH DATE
==================== ========= =============== ============
Worker's Compensation Not Applicable
-------------------- --------- --------------- ------------
Liability Not Applicable
-------------------- --------- --------------- ------------
Fire and Extended Coverage Not Applicable
-------------------- --------- --------------- ------------
Property
Building Contents Not Applicable
-------------------- --------- --------------- ------------
Flood Not Applicable
-------------------- --------- --------------- ------------
Earthquake Not Applicable
-------------------- --------- --------------- ------------
Business Income Not Applicable
-------------------- --------- --------------- ------------
Boiler / Property Damage Not Applicable
==============================================================
================================================================================
CHAPTER 11 TRUSTEE OPERATING REPORT NO : 20 PAGE 3 OF 3
================================================================================
6. Questions:
A. Has the Trustee provided compensation to any officers, directors,
shareholders, or other principals without the approval of the Office
of the United States Trustee?
: Yes Explain:
--- ----------------------------------------
XX : No
---
B. Has the Trustee subsequent to the filing of the petition, made any
payments on its pre-petition unsecured debt, except as have been
authorized by the Court?
: Yes Explain:
--- ----------------------------------------
XX : No
---
7. Statement of Unpaid Professional Fees (Post-Petition Amounts Only):
=======================================================================================
NAME OF PROFESSIONAL STATE TYPE OF PROFESSIONAL TOTAL POST-PETITION AMOUNT UNPAID
(ATTORNEY, ACCOUNTANT, ETC.) CURRENT TOTAL TO DATE
==================== ============================ ================= ================
- -------------------- ---------------------------- ----------------- ----------------
- -------------------- ---------------------------- ----------------- ----------------
- -------------------- ---------------------------- ----------------- ----------------
- -------------------- ---------------------------- ----------------- ----------------
=======================================================================================
8. Narrative Reports of Significant Events and Events out of the Ordinary
Course of Business: (Attach separate sheet if necessary)
9. Quarterly Fees: (This Fee must be paid to the United States Trustee every
Calendar quarter)
==========================================================================================================
QUARTERLY PERIOD TOTAL DISBURSEMENTS QUARTERLY FEE
REPORTS PER QUARTER QUARTERLY FEE DATE PAID AMOUNT PAID CHECK NO. STILL OWING
================ ==================== ============== ========= ============ ========= ==============
12/31/98 $ 0.00 $ 250.00 01/27/99 $ 250.00 10001 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
03/31/99 $ 18,993.00 $ 500.00 04/21/99 $ 500.00 10006 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
06/30/99 $ 174,112.61 $ 1,250.00 07/23/99 $ 1,250.00 10012 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
09/30/99 $ 239,097.00 $ 1,500.00 10/28/99 $ 1,500.00 10013 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
12/31/99 $ 252,223.00 $ 1,500.00 01/27/00 $ 1,500.00 10014 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
03/31/00 $ 196,418.00 $ 1,250.00 05/19/00 $ 1,250.00 10017 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
6/30/00 $ 37,703.00 $ 500.00 08/09/00 $ 500.00 10019 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
==========================================================================================================
I, James J. Joseph, Trustee, declare under penalty of perjury that the
information contained in the above Trustee Operating Report is true and complete
to the best of my knowledge.
Note: The Trustee has obtained an order tom allocate among the administratively
consolidated estates when court approved payments to professionals are made.
Accrued fees for all estates are reflected on the Vision Capital Services
operating report in that all cases are administratively consolidated under the
Vision case number.
Date: 9/22/00 /s/ James J Joseph
------------------- -------------------------------------
James J. Joseph, Trustee
Performance Asset Management Fund III, Ltd.
James J. Joseph, Trustee
2029 Century Park East
3rd Floor
Los Angeles, CA 90067
Chapter 11 Case No. SA 98-27101
Operating Report # 20 From : 08/01/00
To : 08/31/00
Schedule of Miscellaneous Operating Expenses
- --------------------------------------------
- ------------------------------------ --------------------------- -------------- -------------
EXPENSE VENDOR AMOUNT TOTAL
- ------------------------------------ --------------------------- -------------- -------------
A/P FOR D.BARNHIZER VISION(OPERATING) $ 270.06 $ 270.06
REVERSE TSF OF PORFOLIO/DJC,INC. PCM(WIRE ACCOUNT) $ 548.06 $ 548.06
EXCESS DISTRIBUTION TO PAMS PARTNERSHIP RESERVE $ 29,695.33 $ 29,695.33
RECONCILIATION/'OUTSTANDING PARTNERSHIP RESERVE $ 79,253.22 $ 79,253.22
INVOICES TO PAM
PORTFOLIO PURCHASE #90-9 PAM FUND PURCHASE ACC $ 36,292.11 $ 36,292.11
AQUISITION FEE FOR #90-9 PCM(OPERATING) $ 3,629.21 $ 3,629.21
REIMBURSABLE COLL. COSTS PCM(OPERATING) $ 1,087.97 $ 1,087.97
=============
TOTAL MISCELLANEOUS OPERATING EXPENSES $ 150,775.96
================================================================================
Page 1 of 1
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
================================================================================
IN RE: TRUSTEE INTERIM STATEMENT
PERFORMANCE ASSET MGMT STATEMENT NUMBER: 020
FUND III, LTD FOR THE PERIOD FROM: 080100
JAMES J. JOSEPH, TO: 083100
CHAPTER 11 TRUSTEE
- -----------------------
CASE NO. SA 98-27101 RA
=======================
Operating 30-Day C.D. Money Market Money Market
Account Account Account Account
CASH ACTIVITY ANALYSIS 14-088-393 426-556-0001 6704-559038 14-088-652
---------- ------------ ------------ ------------
A. Total Receipts Per All Prior Interim
Statements . . . . . . . . . . . . . . . . . 285,618.98 91,551.62 10,969.27 4,373,826.56
---------- ------------ ------------ ------------
B. Less : Total Disbursements Per All
Prior Interim Statements . . . . . . . . . . 285,518.98 91,551.62 10,969.27 1,218,826.64
---------- ------------ ------------ ------------
C. Beginning Balance. . . . . . . . . . . . . . . 100.00 0.00 0.00 3,154,999.92
========== ============ ============ ============
D. Receipts During Current Period
Per Attached Schedule. . . . . . . . 500.00 0.00 0.00 95,071.62
Total Receipts . . . . . . . . . . . 500.00 0.00 0.00 95,071.62
---------- ------------ ------------ ------------
E. Balance Available. . . . . . . . . . . . . . . 600.00 0.00 0.00 3,250,071.54
---------- ------------ ------------ ------------
F. Less : Disbursements During Period
Per Attached Schedule. . . . . . . . 500.00 0.00 0.00 151,275.96
Total Disbursements. . . . . . . . . 500.00 0.00 0.00 151,275.96
========== ============ ============ ============
G. Ending Balance 100.00 0.00 0.00 3,098,795.58
========== ============ ============ ============
H. Disbursements for Quarterly Fees. . . . . . . . . 500.00 0.00 0.00 150,775.96
========== ============ ============ ============
ACCOUNT CLOSED ACCOUNT CLOSED
02/22/00 03/01/99
I. (1) Operating Account :
(a) Imperial Bank, 9757 Wilshire Blvd., Beverly Hills, CA 90212
(b) Account Number: 14-088-393
(2) 30-Day C.D.
(a) Imperial Bank, 9757 Wilshire Blvd., Beverly Hills, CA 90212
(b) Account Number #426-560-001
(3) Money Market Account
(a) Wells Fargo, 1661 No. Raymond, Anaheim, CA 92801
(b) Account Number 6704-559038
(4) Money Market Account
(a) Imperial Bank, 9757 Wilshire Blvd., Beverly Hills, CA 90212
(b) Account Number: 14-088-652
BOND: $12,000,000.00
BANKRUPTCY JUDGE : HON. ROBERT W. ALBERTS
I, James J. Joseph, declare under penalty of perjury that the information
contained in the above Interim Statement is true and complete to the best of my
knowledge.
Dated: 9/22/00 Signed: /s/ James J. Joseph
- ---------------------------- ----------------------------------------------
James J. Joseph, Trustee
================================================================================
CASE NAME : PERFORMANCE ASSET MGMT FUND III LTD
CASE NUMBER: SA 98-27101 RA
STATEMENT NUMBER: 020
RECEIPTS FOR THE PERIOD FROM: 080100
TO: 083100
OPERATING ACCOUNT # 14-088-393 AMOUNT
- ----------------------------------------------------------------------------------------
08/10-MONEYMARKET TRANSFER FOR A/P 500.00
-----------
TOTAL 500.00
===========
CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 020
DISBURSEMENTS FOR THE PERIOD FROM: 080100
TO: 083100
OPERATING ACCOUNT # 14-088-393 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
- ---------------------------------------------------------------------------------------------------
U.S. TRUSTEE QUARTER#2,2000 PAYMENT 500.00 10019 08/09/00
-----------
TOTAL 500.00
===========
CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 020
RECEIPTS FOR THE PERIOD FROM: 080100
TO: 083100
MONEY MARKET ACCOUNT 14-088-652 AMOUNT
- --------------------------------------------------------------------------------------------------
08/03-WIRE ACCOUNT PORTFOLIO DISTRIBUTION RE: DJC, INC. 548.06
08/03-WIRE ACCOUNT PORTFOLIO DISTRIBUTION RE: CREDIT MANAGEMENT C 1,212.89
08/07-SUSPENSE ACCOUNT CHASE MANHATTAN BUYBACK SPLIT(#02040545) 1,612.76
08/08-WIRE ACCOUNT PORTFOLIO DISTRIBUTION RE: FIRST NATIONAL ACCEP 1,217.91
08/11-PARTNERSHIP RESERVE RECONCILIATION OF OUTSTANDING INVOICES TO PAM 17,857.80
08/21-WIRE ACCOUNT PORTFOLIO DISTRIBUTION RE: DJC, INC. 548.06
08/28-PARTNERSHIP RESERVE JULY 2000 COLLECTION SHARE 59,187.21
08/28-SUSPENSE ACCOUNT CHASE MANHATTAN BUYBACK SPLIT(#02079123) 1,727.13
08/31-IMPERIAL BANK AUGUST INTEREST 11,159.80
-----------
TOTAL 95,071.62
===========
STATEMENT NUMBER: 020
DISBURSEMENTS FOR THE PERIOD FROM: 080100
TO: 083100
MONEY MARKET ACCOUNT # 14-088-652 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
- -------------------------------------------------------------------------------------------------------------------
VISION(OPERATING) TSF FOR A/P RE : DAVID BARNHIZER 270.06 TSF 08/01/00
WIRE ACCOUNT REVERSE TSF OF PORTFOLIO PURCHASE FOR DJC, INC. 548.06 TSF 08/08/00
OPERATING TRANSFER FOR A/P 500.00 TSF 08/10/00
PARTNERSHIP RESERVE EXCESS DISBURSEMENT TO THE PAMS 29,695.33 TSF 08/10/00
PARTNERSHIP RESERVE RECONCILIATION OF OUTSTANDING INVOICES TO PAM 79,253.22 TSF 08/11/00
PAM FUND PURCHASE ACCOUNT PORTFOLIO PURCHASE #90-9 36,292.11 TSF 08/23/00
OPERATING AQUISITION FEE FOR#90-9 3,629.21 TSF 08/23/00
PCM(OPERATING) REIMBURSABLE COLLECTION COSTS 1,087.97 TSF 08/28/00
----------
TOTAL 151,275.96
==========